The world has changed over the last one month and the way the Indian workforce functions has also changed dramatically. Commutes are replaced by WFH, while meetings are replaced with Zoom calls. In this scenario, professional network LinkedIn has launched its Workforce Confidence Index, a bi-weekly pulse on the confidence of the Indian workforce, to see how people are feeling about the opportunity available to them. The report indicates that 25% of the Indian workforce has seen a decrease in their incomes while 39% reported a drop in personal savings on account of the COVID-19 lockdown.
Additionally 42% of Indian professionals plan to increase their time in a job search over the next two weeks while 64% will focus on learning and up-skilling during this crisis. 72% of the Indian professionals are confident about their companies bouncing back in the next two years.
The LinkedIn Workforce Confidence Index is based on an online survey of more than 1,000 members on LinkedIn, and uses a scale from -100 to +100 to reflect professionals’ current sentiments about the jobs market, their financial status, career progression, and their expectations going forward. The index also notes a cautious optimism among the respondents about the future with a composite score of 53+ for the week of April 1 to 7, 2020. Those surveyed feel confident about long-term outlook but are troubled with overarching concerns in the short-term regarding availability of jobs, company’s financial situation, and the impact of these factors on their financials. The report also showcased that despite the tremendous impact of the pandemic, only 55% of the surveyed respondents stated that their company offered remote working or WFH options. Only around 25% are given part-time working hours, the survey notes.
“Based on the inaugural findings of the Workforce Confidence Index, it is reassuring to see a majority of India’s workforce remain confident about long-term outlook, and determined in the short-term to upskill, pivot, and adapt. We believe that exercising healthy doses of the 3Cs - confidence, caution, and compassion - can help us navigate these challenging times. As we live through a pandemic, the perception of our workforce has become even more crucial to understand, and the bi-weekly index will help us keep a pulse-check on the confidence of India’s professional community,” says Ashutosh Gupta, India Country Manager, LinkedIn.
Some of the other key findings from the index are:
- 33% of senior executives feel their companies will face tougher times in the next 6 months, and 69% are confident of their companies’ progress in the next 2 years.
- Only 24% of Indian professionals are receiving support from their companies for physical health and 22% for emotional wellbeing currently.
- 39% of the Indian professionals reported a dip in personal savings, 42% in personal spending, and 31% in number of investments.
- Over 70% of active job seekers in India also believe that recruiter response will not decrease in the next two weeks